The West Texas Intermediate for December delivery was down 0.37 USA dollar to settle at 55.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.34 dollar to close at 61.87 dollars a barrel on the London ICE Futures Exchange.

"Crude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future".

The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories rose by 6.5-million barrels in the week to November 10, to 461.8-million barrels.

"Alongside an ever-expanding global population and the critical importance of reducing energy poverty, these growth rates mean energy demand is expected to increase by close to 100 million barrels of oil equivalent a day between 2015 and 2040", Barkindo said.

"The oil market faces a hard challenge in 1Q18 with supply expected to exceed demand by 600,000 bpd followed by another, smaller, surplus of 200,000 bpd in 2Q18", the agency said.

U.S. crude oil and product stockpiles were mostly higher last week against a back drop of rising domestic production and net imports.

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Global oil demand is expected to keep rising over the next two decades, albeit at a steadily decreasing pace, according to a new report released Tuesday by the International Energy Agency.

"It's started to look like there's a little bit too much momentum, and the quality of the buyer coming into the market at the $56 to $57 level wasn't the smartest crude oil money", said Richard Hastings, macro strategist at Seaport Global Securities in Charlotte.

We are now witnessing a period of expansion in USA oil and gas production that matches or exceeds any historical records ever achieved by the oil and gas industry,  said Tim Gould, head of the Energy Supply Outlook division.

Despite the cautious sentiment, traders said oil prices were unlikely to fall far, largely due to supply restrictions led by the Organization of the Petroleum Exporting Countries and Russian Federation, which have helped reduce excess stockpiles.

USA oil and gas output is projected to surpass that of any other country in history, due to "a remarkable ability to unlock new resources cost-effectively".

United States oil production has already increased by more than 14% since mid-2016 to 9.62-million barrels a day and is expected to grow further.

OPEC meets on November 30 and is expected to agree an extension to its output cuts.